Struggling Nepal casino operator Silver Heritage Group may have found a financial white knight in an offshoot of Philippines-based gaming technology outfit DFNN.

Late last week, Silver Heritage informed the Australian Stock Exchange that the financially flailing casino operator’s appointed administrators had recommended accepting a recapitalization proposal put forward by HatchAsia, an affiliate of Philippine-listed DFNN, which (among other things) supplies gambling technology to that country’s eGames outlets.  

The deal, which Silver Heritage shareholders must still approve, remains something of a work in progress but would reportedly see HatchAsia pay around AU$530k (US$391k) in cash plus 3% of shares in a new Australia-listed subsidiary (HatchAustralia Holdings) in exchange for 92% of Silver Heritage’s issued shares.

DFNN holds a 19% stake in HatchAsia and DFNN CEO Calvin Lim said his group would “welcome and look forward to the foray of HatchAsia in the international market.” The deal would give DFNN a backdoor into Australia’s capital markets, something Lim believes would allow DFNN “to fully value its early investments in HatchAsia.”